The first financial surprise for many foreigners arriving in Colombia is not the exchange rate or the rent. It is the visit to the bank. They show their passport, explain that they have a digital nomad or spouse visa, and hear a variant of the same sentence: "you need a cédula de extranjería." Without that document — the ID card that Migración Colombia issues to visa holders for more than three months — access to the Colombian banking system is practically nil for peso accounts.
The obstacle is understandable from a regulatory perspective: Colombia's Financial Superintendency requires banks to fully verify their clients' identity as part of the SARLAFT system (Money Laundering and Terrorist Financing Risk Management System). A foreign passport alone does not meet that requirement for long-term accounts.
requirement for COP accounts
the cédula after entry
for the requirement
a lower barrier to entry
The banks that open accounts for foreigners and their real requirements
Bancolombia, Banco de Bogotá, Davivienda, BBVA Colombia and Banco AV Villas are the main banks where expats report having opened peso accounts. All require a valid cédula de extranjería. The difference between institutions lies in the additional requirements:
| Bank | Savings account | Additional requirements reported |
|---|---|---|
| Bancolombia | Yes — branch or app | Cédula de extranjería + passport + proof of address |
| Banco de Bogotá | Yes — branch | Cédula de extranjería + passport + source-of-funds declaration |
| Davivienda | Yes — branch | Cédula de extranjería + passport + foreign bank statement |
| BBVA Colombia | Yes — branch | Cédula de extranjería + passport + employment letter or contract |
| Nequi (Bancolombia) | Yes — app | Valid cédula de extranjería only |
Nequi and Daviplata: the digital alternative while you wait for the cédula
Nequi (Bancolombia's digital platform) and Daviplata (Davivienda's platform) offer low-value accounts with a lower barrier to entry. Both require a cédula de extranjería but have a 100% digital opening process with no branch visit. They are suitable for paying bills, transfers to Colombian suppliers and receiving payments in pesos. The limitations: lower balance and monthly transaction caps than a conventional checking or savings account.
A dollar account: who it is relevant for
Bancolombia and Banco de Bogotá offer dollar accounts for individuals. They are particularly useful for foreigners with dollar income who want to keep foreign-currency reserves in Colombia without permanently converting to pesos. They require the same documents as peso accounts, plus in some cases additional documentation on the origin of the dollar funds. Monthly maintenance for these accounts ranges from USD 10 to USD 30.
Frequently asked questions
What should I know about the banks that open accounts for foreigners and their real requirements?
Bancolombia, Banco de Bogotá, Davivienda, BBVA Colombia and Banco AV Villas are the main banks where expats report having opened peso accounts. All require a valid cédula de extranjería. The difference between institutions lies in the additional requirements:
What should I know about Nequi and Daviplata: the digital alternative while you wait for the cédula?
Nequi (Bancolombia's digital platform) and Daviplata (Davivienda's platform) offer low-value accounts with a lower barrier to entry. Both require a cédula de extranjería but have a 100% digital opening process with no branch visit.
What should I know about a dollar account: who is it relevant for?
Bancolombia and Banco de Bogotá offer dollar accounts for individuals. They are particularly useful for foreigners with dollar income who want to keep foreign-currency reserves in Colombia without permanently converting to pesos.